Singapore MPA Wants LNG Bunkering Options
Singapore's Maritime Port Authority is seeking proposals on liquefied natural gas bunker supplies as it shifts away from fossil fuels towards gas while trying to maintain its role as the world's top bunkering hub. The move to issue bunker supplier licences to the gas sector complements…
Iranian Officials Say Condensate and Fuel Oil on Ships
As traders speculate over what type of oil is being kept by Iran in floating storage, two Iranian oil officials said on Thursday that the oil was condensate and fuel oil. The millions of barrels on ships could be delivered quickly to Iran's customers once sanctions are lifted and some traders believe a substantial part is crude…
Record Trading in Singapore's Bunkers Market
Over $750 million worth of fuel oil traded 1st week of June. Trading frenzy leads to record price swing. Major commodity houses are betting against each other on the direction of fuel oil in Singapore, the world's largest market for shipping fuel, in a clash that has led to a record price swing and is set to smash monthly trading levels.
Asia's Fuel Oil Market Set for Record June Volume
Asia's fuel oil market is set to see a record volume of physical trades in June based on open interest in derivatives for the oil product, with backers of opposing bets expected to drive up activity in what is usually a high-demand period. Fuel oil trades of the 380-cst grade…
BP, Sinopec in Singapore-based Bunkers JV
British oil major BP and China's Sinopec Fuel Oil are starting a Singapore-based joint venture in ship fuel storage and sales, BP said in a statement on Tuesday. The 50/50 joint venture, which builds on a similar agreement signed in 2011, will leverage both companies' existing…
Brent Crude Up 5% as Saudi Sees Improved Demand
Brent crude oil futures surged 5 percent on Wednesday, after Saudi Arabia's oil minister said oil demand was growing and data showed Chinese factories were producing more than expected. Falling refined products inventories reported by the government helped lift U.S. crude and countered data showing a larger-than-expected U.S.
KPMG, PwC Work Together on OW Bunker Debts
The liquidators of OW Bunker Far East KPMG has agreed to work with PricewaterhouseCoopers on the collection of monies owed to the marine fuel company, which has an outstanding debt of $330 million, a press release said on late Monday. OW Bunker, once the leading supplier of the marine fuel oil with a 7 percent market share…
Tighter Supertanker Market Impacts Asian Fuel Supplies
The window to sell Western fuel oil to Asia is starting to close as demand for a limited fleet of supertankers to store cheap crude pushes freight rates to multi-month highs, shipping and trade sources said. Crude prices have fallen nearly 60 percent since June and, with prices a year ahead already quoted about $10 a barrel dearer than now…
Oil Declines in Thin, Volatile Trading
Global benchmark Brent crude oil closed down nearly a dollar a barrel Friday after a day of choppy trading despite expectations of new investments in the new year, as strong mid-day rallies in crude fizzled. Brent was down 91 cents at $56.42 a barrel. Earlier, it touched a post-2009 low of $55.48…
Supply Glut Drags Oil to New 5-Year Low
Brent crude reversed early gains Friday to fall to a fresh post-2009 low below $56 a barrel, as a glut of oil that has halved prices since June overshadowed investor positioning at the start of the year for a possible eventual recovery. Brent has slumped to its lowest in more…
New Players in Singapore Markets in OW's Absence
The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share towards cash-rich trading companies and barge operators, traders said. Marine fuel premiums over cargo prices in Singapore…
OW Bunker to Meet Liquidator; Ship Arrests Continue
OW Bunker owes financers more than $750 million-creditor data; six more vessels arrested; 7 in total. The Singapore arm of bankrupt Danish shipping fuel trader OW Bunker will meet with its liquidator KPMG in early December to discuss the firm's outstanding debt, which totals almost $1.5 billion globally.
Bunker Demand up 25 pct at Indian Ports
Demand for shipping fuel at major Indian ports has climbed in the past week by up to 25 percent as the cost of refuelling at Singapore, Asia's bunkering hub, soared following the collapse of the world's leading supplier, traders said. The announcement of OW Bunker's bankruptcy…
OW Bunker Collapse Rattles Singapore Bunker Markets
Major oil companies, trade firms to expand market share; tight credit hits small retailers. The collapse of OW Bunker in the wake of an alleged fraud at its Singapore trading unit will shake up the city state's more than $25 billion marine fuel market, the world's largest, as major companies expand and small ones shrink amid a credit squeeze.
Ship Arrested, More Claims Emerge Against OW Bunker
Fuel barge Laguna, carrying oil sold by Hin Leong to OW Bunker, arrested. Total claims against OW Bunker Far East and Dynamic Oil now over S$5 mln. Oil firms stepped up legal action against the Singapore units of bankrupt ship fuel trader OW Bunker with the arrest of a ship fuel…
Oil Swoons 3% to New Lows; Eyes on Saudi US Discount
Oil dived more than 3 percent on Tuedsay to multi-year lows, as Saudi Arabia's sharp cut in export prices to the United States looked likely to deepen a global supply glut that has already driven prices down 30 percent since June. On Monday, Saudi Arabia surprised the market by raising prices for Asia and Europe but cutting prices for U.S.
Brent Oil Ends Week Flat
Brent oil prices fell on Friday but were little changed on the week as traders caught their breath from a months-long rout, even as signs of rising global supply and a U.S. contango structure threatened deeper losses. U.S. crude oil futures, meanwhile, continued to slide. Contracts for December delivery settled down $1.08 at $81.01 per barrel…
Oversupply, Ebola Fears Drive Oil Below $86
Brent crude fell below $86 a barrel on Friday on news of strong supply from Middle Eastern OPEC producers and as a confirmed case of Ebola in New York spooked global equities markets. Iraq increased its oil supply in October, and Libya's production remained high, despite deep instability in both countries.
Oil Slips after Big Jump in US Crude Stocks
Oil slipped towards $86 a barrel on Wednesday after a U.S. government report showed a large rise in crude stocks, halting a tentative recovery from a four-year low. Global benchmark Brent reversed course after the U.S. Energy Information Administration said crude inventories rose by 7.11 million barrels…
Oil Rises Above $85 on Saudi Supply Cut, Strong Data
Brent crude oil rose above $85 a barrel on Thursday on news Saudi Arabia cut its supply to the market in September, even though its overall production grew month on month, and on strong economic data from Europe and China. OPEC's largest producer pumped 9.7 million barrels per day (bpd) in September…
